you. connell: the morning everyone. dagen: edging closer to the fiscal cliff. connell: the president's team on the big thanks goes to work on jpmorgan. jamie dimon and company. new details on the company. dagen: the first of the presidential debate scheduled for tomorrow. neil cavuto will be here before he goes there. before the big run-up. then the hassle than lifted. samsung fighting back with its own lawsuit against apple. top of the hour right now. let's go to nicole petallides on the floor of the new york stock exchange with stocks now every 15 minutes. nicole: we wanted to take a look

at some of the winners. a couple retailers coming into focus. express, limited. gaining an outlook that is weaker than expected. we are seeing it fell off. the teenage retailer is doing better. george telecom is up 18-19% right now. citigroup having a couple of upgrades. you can also see citigroup getting an upgrade. groupon is -- dupont is the number one. dagen: thank you so much. there are only 90 days left until the u.s. goes over the fiscal cliff. our fair, find representative --

we have forbes opinions editor joining us now. will we avoid this? everyone seems to be not so worried about it. should we be? >> we will avoid it. politicians have an opportunist jean. i think there also is, even among democrats, a belief to be the wrong time to raise taxes on the productive in society. dagen: what will the deal look like? will it be a temporary extension of everything? the sides are drawn over that income tax increases for wealthier americans. >> my guess is there will be something temporary. politicians love to cook something down the road. they will get something temporary in place so the debate and rhetoric can continue into the new year. they will not let this lapse

because they do not want spending cuts forced on them. dagen: what about the spending cuts? >> it does not look like there is much desire on either side to extend it. it does not look like they will turn it into something political. it will really be hard, when you think about the economy we are in right now, how can you tell individuals we will raise the price of work did right now we need more work. it would be a bad time to do that. both sides will ultimately agree on that. dagen: we are looking at this calendar with 20 days left at work just for the representatives to deal with this. why isn't the uncertainty, why isn't there any other business that would impact the economy.

>> it is entirely possible. you would almost think if the economy or the marcos thought they would let us reach the cliff go over it, you would see a lot of forward activity. the fact you are not seeing it suggests that markets think we get to the final days they will actually come to a deal. a little over a year ago it was that we were days from government default, but, ultimately, they came to a deal. dagen: john, good to see you. as always, thank you. connell: breaking news now. it is on the libor investigation. this is from the exclusive reporting from our own charlie gasparino. chuck grassley is launching an investigation into the libor manipulations. this is being started by the senator from iowa. they are turning up the heat on the treasury secretary tim

geithner. barclays and other big banks and whether or not interest rates were fixed. a lot of this has been sent overseas until now. two senators starting an investigation to libor. let's move on. the economy certainly at a crossroads here with a fiscal cliff looming. our next guest, though, that people underestimate the positive impact we are seeing right now and housing. liz and sound are is in studio. what are we missing on housing? >> we have had a string of

numbers. that factor has six years of a study drag on economy. only about 2.5% of gdp. i think people are underestimating the ripple effect to think like confidence. connell: what does it mean for the future? >> the numbers we have seen have been anemic. it is interesting to see how the conversation has turned. brian was very was on with us yesterday. he is very optimistic about the economy, usually. even he yesterday with using the recession worse than the possibility of falling back. have you completely discounted that possibility? >> no. i think it is -- the likely impact will be something less than that. when you only have 4% or so nominal gdp growth, there is not much of a question.

i do think if we get a big hit as related to the fiscal cliff, i think a recession is all but inevitable. dagen: uncertainty is always used. you never know what the future will hold. this time we are really uncertain. how you handle it for your clients? do you say there i a 60-ready chance? >> we have laid out numbers for our clients. purely as a play on the fiscal cliff, i think that is fairly dangerous. there are a lot of investors whether it is solely for that reason. the election, to some degree, it is related. uncertainty about taxes and regulation in particular is the number one concern they have right now. there is a declining number.

connell: you do find reason to be positive? >> i do. connell: do you think more risk is a reason for that matter i think it should be an asset class. connell: always good to see you. dagen: i just gave felt like time to her. i am not buying real estate. it was not a single finger gesture. samsung and apple. connell: another lawsuit over. we bring and adam shapiro covering the story. >> this is a day where you may say score one for samsung. let's start with what they will be able to sell once again. it is the galaxy 10.1.

a judge lifted a temporary sales than on the device. even though apple one round one in the time infringement case where samsung was found to have violated patents. here is what samsung says about that device. we are pleased with the court action today which vindicates our position that there was no infringement of apple's design patent and an injunction to was not called for. it will be heard in san francisco. the hearing is in december. today, samsung has countersued as part of a different case which was already filed patent infringement against apple. apple is violating samsung's patents. apple had no comment on any of

this. that case, by the way, will be heard in 2014. see you then. dagen: stay tuned. retribution for the mortgage meltdown of 2008. just a campaign ploy. melissa francis joins us with the latest on the new suit being brought against jpmorgan. connell: neil cavuto will be here at this hour as well. he is here in studio with us to talk about it all. first, let's talk about some markets. there is oil today. 92.16. ♪

logo. connell: there are our dollar bills. that could only mean one thing. dagen: we have the technology stock for your portfolio. charles: i have always resisted to say something is a screaming buy. globally it has three players. they control like 90% of the market. macro, pcs will eventually be

dead. not tomorrow. particularly with innovation. this is a company that gets no real respect. it is up significantly from the 52 week low. they have been the street. they are rocking and rolling and it is not over. take a look right now. look at the earnings estimates for next year. a week ago $8.47. now it is $8.59. almost every time they will be expectations. thirty dollars here. move would be 35. longer-term, i am looking at 40 or better. connell: this is a six month chart. lou: longer-term, a series of higher lows and higher highs. trading at -- one-time sales,

one-time book, valuation from any kind of historical center. it is in a dying industry. it will not die that quick. dagen: i like the dirty fingernail. lou: is the next hour, i had a play for you enough in the auto industry. dagen: nicole petallides taking a look at jpmorgan. nicole: this is the date of u.s. banks were upgraded to look like thanks would have a great day on wall street. turns out jpmorgan, u.s. attorney general actually suing jpmorgan. they are talking about fraud that dates back to 2006-2007. for years later is really a bite to jamie simon.

here is a look at jpmorgan right now. down about a half percent. jamie jamie dimon had a formal complaint. the market right now, well, the s&p and nasdaq are higher in the dow is lower. dagen: thank you so much. connell: we will talk a little bit more about the jpmorgan story. melissa francis has done some reporting on this. we will see what the responses are. melissa francis on that coming up next. dagen: one day until president obama and mitt romney face-off. denver. neil cavuto is heading out there. he will begin to talk about that debate.

first, a look at how the world for thief are faring against the dollar today. ♪

>> 21 minutes past the hour, i have gearbox news minute. a judge has blocked pennsylvania

voter id. the role will be allowed to be fully implemented next year. the border patrol agent is dead and another injured in arizona. taking place just before 2:00 a.m. officials say this to along with a third agent for all patrol with an alarm was triggered along the border. seven crew members are under arrest in hong kong after their boat collided killing people. it is unclear how the two ships ran into each other. those are your news headlines on the fox business network. back to dagen and connell. dagen: i am happy seeing you. take care. jpmorgan chase responding to the new lawsuit filed by new york attorney general. connell: during the crisis phase

of eric snyderman. there he is. melissa francis from fox business has done some reporting. what have you found out we were first of all, there are a couple of key pieces to the puzzle here that make things fall into place. jpmorgan on behalf of -- this happened about two years ago. she was working for a law firm. she now works in the attorney general's office. she essentially has brought over her work to file the same exact lawsuit on behalf of the new york attorney general at this time. eric snyderman is part of the obama have forced. the timing is a little suspicious.

nonetheless, it is a little old at this point. we have a statement from jpmorgan. they say it relates to bear stearns. the complaint is entirely -- there were tumbleweeds rolling down the street with people bailing out. they took over bear stearns at this point in time. now they are being punished for it. they also say we are disappointed that the new york attorney general decided to pursue an action without an opportunity to rebut the claims. there is a lot of questions here about timing, about potential political motive. we will have the attorney general on "market now."

the original charges are about to properly marketing the mortgage back securities. making them look like a are safer than what they are. it was one of the things that led to the financial crisis that we all witnessed and were a part of. it is just the timing. dagen: so hard to prove. so hard to try in court. it seems like they are hunting for something. >> you would think. this will be an interesting one to pursue. we will be on it at 1:00 o'clock and we will follow it at 5:00 p.m. today as well. connell: is the argument against this saying it does not seem like yet, i know it is early, it is more about the politics. >> i am not a lawyer. that is what we will be asking about their.

there will be private claims. the mortgage backed securities feel like they did not turn out to be what they were. cheryl: only reason i was asking is if it has merit -- >> you are right. you think this is just the beginning of a long string of lawsuits. then you just ask yourself why are they starting with an entity that no longer exists. why are they starting with jpmorgan. why are they starting with someone else. dagen: there is always the why now. the presidential election. connell: great to know. that will be at 1:00 o'clock and more tonight at 5:00 o'clock. dagen: gary johnson on at 5:00 p.m. connell: thank you, melissa. dagen: neil cavuto is coming out to denver. he is coming to studio first. he will talk about the very debate.

in the positives and negatives for both of the candidates. connell: we are always excited to have meal with us. let's look at some winners and today. ♪ look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms.

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that leads back from the exchange and she has a spicy loser for us. nicole: we are looking at jacoby mexican grill? we have seen this stock off sharply today. david einhorn reiterated his discontent with green mountain

coffee. we talked a lot about that. he is doing that -- a couple reasons. talking about rising food prices and reasons to short according to david einhorn. rising food prices increase the employee health costs and last but not least the point he made is in a conference today talking about competition from taco bell. these are the reasons at this time and why we are seeing the stock up 6%. dow and the s&p with down arrows down 40 points and attack heavy nasdaq with a gain of 5 points at $0.02. connell: all right. dagen: the first of the presidential debate. press and strategy mode. connell: managing editor of fox

business is here now. time for us which we always appreciate. neil: i would ask them to put the debate back a little bit. we believe that. connell: this expectation is hilarious. i am horrible and he is great. [talking over each other] [talking over each other] neil: in the primary process. and the memorable exchange is rick perry and when there are adjectives it is bare. it has been a while. if you think about it, when it

takes on congress and have a chance to respond, he argues for his point of view. it really is to be challenged and benefits and share the stage with the president because you have to prove to people watching that you deserve a piece of it. dagen: the president gets irritated. neil: if you are mitt romney once again under his skin because he has skin and if you are mitt romney you want to -- those that the traditional things but i also think these things are decided often times on things you don't see whether it was al gore complaining or the makeup. [talking over each other] neil: too much credence in retrospect. sometimes the debate confirm a

trend. rarely do they reverse it. election 60 was very tight. and analysts said that debate turned it for jfk. many polls show the race was dead even at that point but if you don't screw it up, it can keep a lead in place. that is where mitt romney hopes to score some points. he is not a fan of the way he has been vilified by this administration and the me and he wants to reintroduce himself. ronald reagan suffered the same fate. the media cast him as a reckless cowboy who was going to blow up the world. we are quite willing to change the other horse is worth changing too. dagen: what notes with the

economy. the president's presentation for it. neil: simplicity wins out and if you want to know four years of this he is your guy. if you want to get off this wagon i am your guy. [talking over each other] neil: do you like that? that is fine. and ronald reagan was more stark. better off than four years ago. and a slam dunk, and the democrats could argue -- convincing you make the argument. and if you are barack obama don't go back. and the environment you try to

change so each will make their case. when you can do better even barack obama says we do better and hope we can and met romney says we can do better but in the end americans want to see who will guide them. connell: there have been a bunch of articles that these debates don't always change things and mitt romney has to hope that the polls are not what they are. neil: we discussed this last week. a call among all of the -- polling groups gathering in a room -- we try to stick it to mitt romney. there might be a statistical quirk that favors democrats because of the sampling in 2008. it is outside the margin of error. why i they so close? i know that stuff like you do.

in these swing states, ken-4 and from 6 to 3. don't hold me to that the states are swinging differently. they are tightening up which is the nature of the beast. everyone talks about the undecided voters. i think it is about winning over those who made up their minds. a lot of nixon's supporters in 1960 were so impressed with this young jack kennedy that they said he didn't sweat. seems pretty cool. seems ok and lot of people had problems with george bush but against john kerry they thought he seems arrogant and frankenstein, i will go to george bush. they can change your established based too and if the other guy does such a great job it could also galvanize his base at the

expense of the other guy's base. all stuff we don't know and won't know until election. [talking over each other] neil: bring weapons and kevin thought i should keep that to myself. or something. another ball and chain kind of thing. the next that idea. [talking over each other] dagen: i won't even let you do that. connell: stay here all day if you one. tomorrow night -- dagen: put you to sleep. connell: i am used to it. goes in one year. [talking over each other] connell: special coverage starts at 8:00 eastern tomorrow night. [talking over each other] connell: department of defense telling lockheed martin not to be concerned about the fiscal cliff at the end of the year. rich edson at the pentagon to report on that. dagen: more problems for

american airlines. when will that end? is it a labor fight? looking at the markets underrated but we don't like looking at it. so anyway, i've been to a lot of places. you know, i've helped a lot of people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange.

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republican senator chuck grassley of iowa turning up the heat on tim geithner. charlie gasparino reports that the senator wants to know what tim geithner knew about manipulations and when he knew it. grassley is asking tim geithner if he defends not telling congress about manipulation in 2008. u.s. automakers reporting mixed september sales numbers. general motors posting the best september since 2008. ford sales stalled last month and chrysler reported better than expected 12% increase over last year. imaginative home prices jumped 4% in august compared to year ago according to a private real-estate data provider core logic. largest your rear increase in six years. that is the latest from the fox business network giving you the power to prosper.

dagen: every 15 minutes stocks, a guest looking at top 50 brands of the year. nicole: interesting one because a lot of top stocks and global brands you recognize are publicly traded companies. we are happy to have the judge fran and global brands ceo, what we're looking at are the top five brands. i will say coca-cola, apple and microsoft. are any of these a surprise? >> the biggest climber in there is apple. they have gone up 130% increase in value over the last year obviously driven by sales of what is going on around the i phone, the ipad. what happens next? >> a lot of them are names window. something you recognize and get

rid of another brand, one of the criteria you look for? >> it makes york choices easier. you know exactly what you are going to get so you know what you are going to get. if you are sitting in a bar, says something different from an apple or blackberry. >> louis baton is on there. i you using coach or something else? >> i can imagine. any surprise in the report? >> the biggest surprise is the degree to which technology company said dictating the way and better understand how we live our lives. >> it is more of a technological way of life.

thank you for coming on. apple, google and microsoft. microsoft slipped. connell: lockheed martin has backed down on layoff notices to thousands of employees. dagen: this story is incredible. give us the data. rich: it starts with a $55 billion in annual cuts that began the defense on january 2nd. there is a law that says if you have mass layoffs and you are a contractor you got to let your employees know 60 days ahead of time. what the white house has done is told contractors don't tell your workers you are going to lay the law. you don't have to give them these notices. if your workers sue you after they are laid off we may cover some of your legal costs. we spoke to a defense analyst who said if congress doesn't go ahead and avoid these

$55 billion in annual cuts the defense layoffs will be gradual. >> what would be affective is the awarding of new contract or extension of contracts to exercise of contract options in months after sequestration. the key is the timing. it would not happen immediately january 2nd but in months and years that followed. >> republicans say this is all political from the white house. look at january 2nd and dial back 60 days and looking right before the election when all these notices might be going out telling workers in the defense field they may not have a job in the next few months and may help election prospects. connell: to expand on this story little more blitz bring up the lockheed martin stock price. our next guest is here to say it is outrageous telling a private company how to run their business. dagen: we are joined by covert

operations officer, and if there is any additional cost the taxpayer bears the burden. >> as a business owner i look at this in terms of white house intrusion in telling the private sector how they should and shouldn't conduct their business. at what point do people start paying attention? part of this is if you think about the previous administration. of the. of ministrations strong on defense contractors into not making announcements over large-scale job layoffs two months ahead or just before the elections the media, outlets we figure -- [talking over each other] >> would spin into a frenzy. now you have a white house with essentially created an incredulous narrative of bent -- the ben got the attack for political reasons. they have been doing their best to clamp that down and people are not outrage over that and now you have this and it is

understandable that lockheed are in will pay attention. of the white house and defense department and labor department say this what we want you to do. we cannot want you to announce these layoffs just before the elections in places like virginia and ohio and florida. what do you think lockheed martin which depends on government contracts are going to do? they will back down. this is incredible. cheryl: the government is saying in the guidance it will cover liability and litigation costs in the event contractors later sued if it is forced to lay off employees. >> what the white house is saying is what they just instructed which is why lockheed martin has taken this we don't want you to make these announcements. this is related to the worker adjustment and retraining notification act. only the federal government can, layoffs and adjustment. we don't want you to make these announcements. therefore if you agree with us

we will cover your potential litigation costs down a road. if you don't agree with us we're not covering anything. this is the warn act. the issue to be fair or get it out the timing of it to the end of the year or beginning of next year, january 2nd is one way of going to affect and 60 days notice. the argument on the other side is the layoffs wouldn't happen anywayo you still have time. there issue is we talk about timing. not telling them what to do. >> if you were willing to suspend belief and say there are no political overtones then you could go down that line and say that. any company over 100 employees give 60 days to 90 days notice. the sequestration acts, half a trillion dollars in defense cuts

theoretically take place on the second of january and you back that up and think they have to make these layoff announcements in the beginning of november but the elections take place and it is painfully clear why it is happening and i don't understand where the outrage is from the general public and it is because the white house believes the blood this interested, don't care or not smart enough to see what is happening. dagen: follow mike on twitter. -- [talking over each other] dagen: you will know -- [talking over each other] connell: american airlines. we will talk about that again. grounding planes after passenger seats came loose. our unions to blame for this? dagen: the nasdaq. look here.

dagen: american airlines grounded eight boeing 757s after a row seat came loose mid saturday and the same thing happened on a different flight yesterday. airline officials are discouraging speculation that these are related to ongoing

labor disputes. stuart varney is here in the next hour with all the problems. why would anybody fly that airline. it happened in the past with other airlines like eastern where it was labor problems and they basically set out of work. [talking over each other] connell: let's take a quick look at gold taking a breather but hit its highest level of the year. dagen: the trade from sandra smith in the pits of the cme. sandra: special guest i have known for many years in the commodities industry. mike williams, a guy with real money on the line. with -- 14 years ago, you say by commodities and crude and bolts at $200. is that trade still on today? >> those that getting into

believing they will achieve what they achieve for 15 years is a finnish trade. the momentum will carry it once it arises. obama gets reelected and we will see gold's rise. >> you said this will have an influence on the price of gold. >> we believe the gold rally probably anticipating he is taking a lead in the polls. that probably means to a lot of investors that the debt will increase rapidly after the e election. he hasn't proven ability to change that. sandra: recommending you own gold? >> that is over for us. >> that is mike williams genesis asset management. really interesting time for gold. everybody is wondering what happens from here. that was mike williams. connell: good stuff. dagen: is your boss spying on

yourself on? is your boss spying on yourself on? connell: kevin wouldn't understand the word you are saying anyway. coming up, talking about that and a whole lot more. markets now continue on fox business.

dagen: a story about companies spying on their workers sellphones. taking pictures on their phone. [talking over each other] dagen: taking pictures on the cellphone. [talking over each other] cheryl: that is a good hand off. i am tracy byrnes.

dennis: dennis kneale. tracy: dying to see my cellphone. dennis: we have two -- two divergent views for what is coming. we'd report and you decide. tracy: the american airlines round eight planes. stuart varney is here to ask us the question of our american's union problems and why would anyone slam the airline because of that? dennis: you had to get your company to e-mail personal-and hear what our guest has to say about how vulnerable that lead you to employer snooping. tracy: bad enough there's parental snooping. nicole petallides on the floor of the stock exchange. down 70 points. what happened? >> we have seen retailers and banks and the auto numbers.

utilities are lower and let's take a look. the nasdaq and the s&p. we see accelerated selling and resale of yesterday's gains of 75 points and now we are down 80. the nasdaq is down 0.1% and the s&p down 1/4% and telecom with folks taking a look at metro pc yes with a new 52 week high and a $40 stock in 2007. it is jumping today. have we -- jumping. it takeover target and sprint selling off. back to you. dennis: bull market or depression ahead? two guests featuring opposite views on that about to debate. dan shaffer of shea for asset management is the bear and joins us on set and we start with

leader capital. the dow up over 1,000 points. some people say stocks of lost all connection to economic reality. you think stocks could go even higher. >> they will go a lot higher. confusion really is the s&p 500 garnishes 65% of revenues and 35% in the u.s. so people look at the economy and it gets confusing but that is the reason. refinancing this year globally and specifically in the u.s. around $1.5 trillion. we think refinancing over the last two years will generate an additional $280 billion in earnings on a go forward basis because of the recent refinancing which is tremendous to us. the unemployment rate being higher has created a lot of the efficiency so we think we are set to go with low-interest rate policy on top of that and we are set to go for a bull market.

dennis: where will it be months from now? >> the s and p could easily be above 1800. we said it would be 1500. dennis: dan shaffer. s&p 1800 by 12 months from now. what would be? >> much lower. probably could be 13 or 1200 or lower. looking at a scenario where the debt needs to be repaid. $16 trillion. large compared to nothing greece has and everyone is focusing on $481 billion drop in the bucket to what the 0. the problem is austerity measures come to the united states. if taxes are increased and the government cuts down spending that is deflationary. if they don't do it and people don't have money the government will continue to spend and that means the debt which is projected by the budget office in the united states by 2020 will rise to $25 trillion.

but the borrowing cost on the government that because the rest of the world is going to hell and people are terrified borrowing costs are cheaper than it has ever been. what is going to happen in my prediction is the u.s. will be downgraded on the debt because nothing is being done. the debt is 105 and went for the downgrade and interest rates were lower than in the meltdown of 2008. the problem with the bears is a they are going to be right sunday but have been wrong since the dow was at 6800 in march of 2009. >> who cares about the debt? the fiscal cliff is a non event. if the republicans get in they will keep taxes low in exchange for raising the debt ceiling. of democrats get in they will do the opposite so we will have low taxes and raise the debt ceiling it and who cares? we will pay everybody off with cheaper dollars and the low dollar will move commodity prices up and allow corporations to price their goods and

services hire. the markets will move higher. who cares about the fiscal cliff. dennis: who cares about the debt and fiscal cliff? >> corporations are peaking in their earnings as people cut down on spending and corporate profits will increase. dennis: divergent views. i hope dan shaffer is wrong. thank you for being [talking over each other] cheryl: tracy: when congress returns in november the house will only have a mere 20 scheduled days left to try to save our country from the fiscal cliff. it is uncertain how many days the senate will be working but a new report says if the country does fall off the cliff we should not worry about it. it will cost american households have an average of -- 90% of americans could see this tax

spike in 90 days when combination of higher income and investment rates and expiration of other tax breaks start taking effect. $3,500 is a lot of money. dennis: when the consequences are so awful they will work it out. figure out a way. be hopeful. president obama and mitt romney make history in their first presidential debate tomorrow night. fox business will be there and neil cavuto hosts special coverage at 8:00 eastern time tomorrow. tracy: is your boss spying on your cell phone. an interview you need to hear before agreeing to get your company's e-mail on your smart phone. dennis: why all the recent hiring plans for holiday sales jobs could be a bad sign for the economy.

tracy: con 70 points possible to make money with charles payne. should hold the has been moving. you like it before. charles: getting hammered. we new stock was going to get hammered because of the annual

report and hammers something so we knew one to stocks would be hammered. i had it on the show at 295. stock was at 350. nineteen% move in two weeks. i gave it to my paying subscribers two weeks after i had it on his show. we took profits on it already. 19% is a lot. let's go to david einhorn. i am wondering if he is resting on his laurels. that started to turn back of. if he likes general motors for reasons i don't like it but chipotle mexican grill. one of the things he doesn't like is he thinks taco bell is coming back. i still don't think taco bell is in the category -- [talking over each other] charles: interesting thing is. obamacare is a big head wind because they have non-union workers.

an interesting political comment. and concerns about undocumented workers. and why should that affect the value of the company. stock took a big hit on an earnings disappointment and made a big bounce and looks a little vulnerable but the einhorn magic is not working to the degree it used to be. tracy: more people would choose to eat their van taco bell. >> probably serves beer. major retailer announcing holiday hiring plans. a darker story behind those numbers and elizabeth macdonald is here with the bottom line. liz: we do see holiday sales growth expectations rising 4%. beating the ten year average in retail sales growth expected this christmas shopping season but still be lowest since we

have seen since 2009. here is what we are seeing holiday hiring as big retailers are ramping up temporary hirings with target up 90,000 temporary workers and macy's 80,000 down to toys r us 45,000 temporary workers hired. retailers are beginning the job cuts that they did during the downturn and this is cheaper holiday hiring. look at the layoffs you are going to see. retail layoffs come big time come january 1st. challenger gray and christmas saying 700,000 temp workers low-grade vs 660,000 temp workers hired in the 2011 christmas shopping season but those way off the come in january and this could get a nice bump to the job numbers in coming weeks. dennis: thanks very much. tracy: it is 15 past the hour with the dow down 61 points.

nicole petallides on the stock exchange. j. p. morgan in the news today. nicole: the banking index trying to push into the green. most banks stocks have done well earlier on credit suisse's call that they like u.s. banks that j. p. morgan has been under scrutiny because the deal jamie dimon made to acquire bear stearns in 2008 coming back to bite them today in the attorney general here in new york is filing a lawsuit against j. p. morgan. it is all about bear stearns and fraud dating back to 2006-2007 on mortgage-backed securities. the first lawsuit of gets kind against the big banks as part of a mortgage working group formed by president obama last year. the first of its kind against a big bank and you can see stock to the downside down 1/3%. how are we doing on the major market averages? tech savvy nasdaq composite fractionally in the green.

might be in our read in a moment. the s&p and the doubt to the downside antaeus and be down two points. dennis: j. p. morgan story no good deed goes unpublished. they rescued bear stearns and now they're sued by new york because of stuff that went on before the deal. really bad policy. american airlines grounding eight planes after passenger seats come loose in flight. tracy: stuart varney joins us to ask why anyone would fly american considering a union shenanigans' these days. fairing against the u.s. dollar. euro up and the leading dollar down. [ male announcer ] at scottrade, we believe the more you know, the better you trade.

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3 saying >> 20 minutes past the hour. a judge blocked pennsylvania's voter id requirement from going into effect for election day. the measure would require each voter to show a valid photo id before casting their ballot will be allowed to go to full effect next year. controversial ruling the controversial issue. that ruling can be appealed to the state supreme court. iranian camera man who accompanied by with them and then a shot to the general

assembly last week as the phosphorus -- seeking political asylum in the u.s.. long time videographer for the iranian national news agency went into hiding wants the iranian delegation left new york. not your ordinary dog house. the hotel in new york city is a dog only hotel featuring big screen televisions. the dogs have their own spot and fitness center and personal chef. price starts at $70 a night for a standard room. if you and this week you have to shell out 200 bones. that is your fox news minute. what do you think? tracy: there are dog lovers who would do it. especially in new york. [talking over each other] tracy: i let my kids sleep outside. american airlines ground in eight of its jets after passenger seats came loose mid

flight and two planes. stuart varney of "varney and company" on the fox business network joins us now. american is the ninth it but people are saying these union guys might have tinkered with the man made them loose on purpose. fhfa sabotage is a possibility. stuart: there's also the pilots are deliberately calling in sick frequently and calling in maintenance calls where they are not necessary but within the manual. what you have got is hundreds of canceled, thousands of delayed flights and a lot of people who do not wish to fly on american airlines. i honestly question is american going to say a united states airline carrier? it is in such a fight with its unions and has such bad pr and no money that i know of. i don't see how it can stay in business which is very good news for all of its competitors. charles: they are in talks to merge with u.s. airways and that

could save them. dennis: why don't passengers stay away? don't we have little choice? are frequent flier miles a big reason people fly american even though they're having union problems? stuart: you are right on all counts but i think the american industry has to adjust to becoming a bus service and not an easily travel system. it is in the process of that adjustment and a lot of people are going to get hurt in particular the pilots who are not used to being considered bus drivers. that is what they are. dennis: american airlines has come out and said this is not sabotage and not union shenanigans. this from our company that -- they went back into court complaining the union did 24 hours after asking them to come back to the table went to court and said if you don't do this we will ask the court for a court order forcing you to stop and in this case no sabotage. stuart: fare point we should point out but it is a vicious

battle between the company and its unions. the last american airlines, the agreement, that contract, when they stay overnight in a hotel they had a room not close to the elevator. that is the degree to which they are going to make sure every little tiny little thing is -- [talking over each other] tracy: it is more simple than that. people say i can't -- not flying american. travel agents saying i can't put a family on a flight and they might get stuck somewhere. can't have that responsibility. they're not using american. stuart: if a union wants to destroy its employer they should take a note what american's unions are doing to the employer because they are killing this company with lousy p r. dennis: union pigheaded this across the economy i don't understand.

almost killed hostess and hurt the auto industry. i remember the auto bailout refusing to give any concessions at all. got 95% pay after they were laid off. they don't get that the economy has to start granting concessions. stuart: a modern fast-moving economy you need flexibility on the part of your work force and management. union contracts denied that flexibility. they have to adjust and if they don't they are out. in my opinion. tracy: good one. stuart varney. [talking over each other] tracy: 9:20 every morning. dennis: every company should be its own media company. target is hiring a director from tv's mad men to make a short film available only on target.com. the film following for you as a product placement dream of it starts christian bell for getting sarah marshall and house of life. icon photos of the project she uses an clothes she wears popup in the right hand margin and

click on them to let your facebook friends know that you like the tight sweater and a pitch tank and cosmetics and order this stuff online. that is the dream of marketers for a decade or more. 100 products and it debuts today. the fourth and final three minute episode airs next tuesday. tracy: i love it. a great idea. people need to see this stuff in action to get off of this notion that target has cheap stuff. dennis: looks better on an actress than a mannequin. tracy: an interview you need to hear before agreeing to get your company's e-mail on your smart phone. dennis: new york giant steve weatherford not just hunting with the comes to investing is money and take a look at the s&p winners and losers.

dennis: more about getting our corporate e-mail on our smart phones appeared be careful, the boss may be spying on you. hedge fund buying up homes and renting them out. should you follow their lead? tracy: it is 30 past the hour. time for stocks now as we do every 15 minutes. nicole: it is so interesting

only talk about retailers. back to school. hiring for the holidays. let's talk about some names in the retail industry. express. look at expressly found 2021%. express came out and basically that their quarter is not going as well as they had hoped. traffic patterns have changed. that almost means there is no traffic, nobody shopping, what is going on? these retailers are coming under pressure. let's take a look here at the major market averages. the nasdaq and doesn't be slightly lower. dennis: is your boss spying on your smart phone? you need to hear what our next guest has to say about that. we have a principle analyst from

forrester research. our employees did not want to support it. then they realized they would save money. there is a cost to privacy you say. >> yes. dennis: tell us. >> the employer can see a number of things on your phone. they can track where you are through gps information. they can also see what apps you have installed, as well as, they can turn on and off your camera on your phone. dennis: one reason they do that is to protect your security. is there a way they can stop that? >> can they just not spy? technical capabilities are there. that does not mean companies are actually doing it.

they are not necessarily tracking you. they may not be running app inventories. the risk is there. dennis: what is your recommendation, first of all, to employers, should they let their employees use their personal devices? >> yes. bring your own device brings flexibility to your workforce. we do recommend companies should consider bringing your own device in today's modern economy. however, as an employer, you have the responsibility to let your workforce no what you are doing in terms of managing their personal devices. what information you are leaving from the devices and what you are doing with it. dennis: what would your advice be to employees? to your friends? should they not do that? >> well, i think it is a decision you have to make.

it has to be made on the basis of informed decision. you have to know what your company is doing, what they are doing in terms of managing your personal phone and then you make a decision of whether it is with the flexibility and convenience. dennis: what is your personal practice? >> i have one device. it is personal and work tasks. dennis: your employer is spying on you, but you are okay with that? >> my employer is not doing any spying. if i leave the company, they will wipe the device clean and that is a risk i am willing to take for the convenience of accessing e-mails and information on the go. dennis: thank you very much. >> thank you. cheryl: jpmorgan chase says it

is disappointed about the new suit filed by new york city attorney general. new york attorney general eric snyderman is behind this. fox business melissa francis reporting just lost our that carla sanchez's handling the case. >> presentations were false and misleading. they were designed to conceal fundamental walls and defects. defendant had no legitimate basis for any of the numerous representation of about the quality of loans and securities. they were a sham.

cheryl: jpmorgan says "we are disappointed that they decided to pursue the civil action without ever offering us an opportunity to refute the claim." relying on recycled claims already made by plaintiff. melissa continues her coverage next hour when she talks with eric. dennis: this sounds so political. obama justice officials helping them out. jpmorgan did nothing wrong. they help our country. i think it is unfortunate. cheryl: it will cost them jobs of money. speaking of cash, piles of it, that is what private equity companies are sitting on. dennis: plus, what a hedge fund could be your next landlord. let's take a look at and year treasuries. ♪ [ male announcer ] what if you had thermal night-vision goggles,

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trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. ♪ >> i am robert gray with your fox business brief. u.s. automakers have reported mixed numbers. board sales stalled last month. chrysler reported a better than expected 12% increase over last

year. pets mart is replacing sonoco in the s&p 500. $5.3 billion deal is expected to close this week. toys "r" us is offering a price match guarantee on all items through christmas eve. it is an effort to entice shoppers this holiday season. they will also match competitors online prices. except items that are marked with an online only price. that is the latest from the fox business network. giving you the power to prosper. ♪ a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together

that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fishman. [ male announcer ] humana. ♪ dennis: now to european markets where the focus is on a possible sale out of spain. ashley webster is here with the latest. ashley: all-again on spain.

the markets finishing somewhat mixed today. it all started to get very interesting when reuters late yesterday reported that spam was getting ready to ask for a bailout possibly why this coming weekend. that really set on trade sent the markets the start. the prime minister said, no, i will not be asking for a bailout anytime soon. germany also says hold your horses, make sure you have all your ducks in a row. angela merkel does not want to go in front of the german parliament. this comes on the news that spain's jobless rate up again.

4.7 million spaniards out of work. the unemployment still around 25%. their economy is going nowhere. the question is when will they ask for the bailout. as always, the market and investors live by the market, day after day, week after week. back to you guys. dennis: thank you very much, ashley. we have breaking news. american airlines. the story we told you about flying seats. we just got this statement. "we are working very diligently to gather all the facts related to our 757 seat issue. we continue to inspect aircraft to determine what caused the issue." all right. cheryl: still going to have ripple effects. they have to hustle to spend it

or give it back to investors. $200 billion raised in 2007 and 2008 must be invested within the next 12 months. seeking big deals in acquisition targets. u.s. private equity firms spent $45 billion. this is all according to capital iq. rush to spend the money, never a good thing, dennis. more firms are now looking to spend the cash on housing. meet your new landlord. hedge funds are buying up new homes in a total frenzy. this is the most significant housing trend in decades. he joins us now to explain. this is what we want, right? we want private companies buying houses. on the flip side, though, like stone buying houses, are they my new landlord? >> well, they could be. talking about billions of dollars right now.

the upside of it is it needs more demand to create upward pressure on prices. we want to stabilize the housing market. when you have billions of dollars of new demand, that only means good things for stabilization. the risk is sometimes institutions in the housing market have a negative effect. we have seen that over the last ten years. they could over saturate cities and met them up. cheryl: there is a lot of risk of screwup here. these hedge funds are diving in themselves. they are so backlogged they cannot do it. >> they had a plan to go by from fannie, freddie and some of the big banks. because of various things, the foreclosures are now not coming to market. they are seeking alternative ways of assembling for folios,

which is what we do for these funds. that is a good thing. if fannie and freddie sell all of those and then turn them into rentals, the same exact thing will happen. institutions going bad. handing off the hot potato to the next institution. when you build a portfolio all across the country, that makes a big difference. cheryl: spread your risk, are you also telling them to go higher like construction managers? >> it is interesting. one of the things we recommend don't buy the stuff that needs rehabbing. there are plenty of single-family homes.

because of a downward trend in pricing over the last five years and upward pressure on rental rate because of all the new households, there are cities across the country that were never able to generate a positive cash flow, but now they can. cheryl: right is starting to go up. what we had a point where people don't want to rent anymore and then it will backfire? >> i don't think backfire. it means that investors have to be cautious. cheryl: and how much they are buying. thank you for joining us. dennis: nice to soak up some of the supply. it is a quarter till. every 15 minutes we have stocks now. nicole: i want to take a look at the dow jones industrials. we are at 13,459. we have completely away from yesterday's gains. we are down about 55 points.

the vix, the fear index, has turned into the red now. the dollar has been lowered. that should bring a little bit of a lift to these markets. you have gold pulling back a little and oil is gaining. back to you. cheryl: thank you. we will see you in 15 minutes. coming up next .steve weatherford and how he is scoring in his investments. dennis: sandra smith is live at this the emmys. sandra: hey dennis and tracy. gold falling today. there is talk about maybe gold finding its levels. we will talk about demand coming up after the break. stay tuned on markets now. ♪

♪ dennis: fellow fans are breathing a sigh of relief. our next guest says he did not even the and and insight. steve weatherford is the punter for the new york giants. who did you want to side with? >> it was all about the fans.

it generates tons of revenue, but, at the same time, we will not generate the revenue if it is not about the fans in their support. tracy: you are out there and playing, i am a mother so here we go -- >> you are a beautiful mother speaketh thank you. you risk your life every day. how do repair for a career that does not last forever? >> you have to be smart with your finances. whenever you have a salary paying jobs outside of football, that is something you can count on all the time. if you try to save what you can save when you can say this. at the same time, you want to enjoy life. dennis: your 401(k) retirement plan has a match of two dollars they put in for every one dollar that you put in effect oh, absolutely. a lot of us younger players have

to be schooled out by the older guys. the annuities and that had a lot to do with the cba that we just negotiated during a power blackout. retirement packages are actually very good. dennis: this brings in $10 billion a year. if the green bay packer is seahawks horrible call change the entire game, if that had not happened, might this will be going? >> i believe 100% that it would still be going on. you want to keep the fans happy. that is what this league is all about. you really need to make your audience happy. when that happened, there was a huge revolt starring up. dennis: tenet you think the

referees were a little spoiled? >> a little bit. if you are the best in the world, it is something that you should be paid accordingly. tracy: what advice do you have kids coming up the ranks? >> just be smart. enjoy the game, but be safe. dennis: where a really really good helmet. tracy: wrap yourself in bubble wrap. dennis: y very much, steve weatherford. tracy: i am thinking about sending my son onto the field with bubble wrap. sandra smith is at the cme. sandra: gold falling today after hitting ten month highs in yesterday's trading session. silver is also lower. there is concerned in the marketplace about asian demand.

there was very weak demand from the number one buyer of gold in the world and that is india. in the second quarter, their imports were down good that is terrifying. demand for gold is weak and the most severe it has been in years. gold prices up 11%. a lot of that is that faced. a lot of people are saying that that euphoria may come to an end and you may not get the hedge against inflation not much longer. $2113 an ounce. that is higher than where we are today, a lot of traders here are laughing saying, really? that is not much of a return.

a lot of people thinking we may be getting a little top-heavy at these levels. tracy: thank you, sandra smith. i will be back next hour. we have a vegas hotel. dennis: melissa francis talks to new york attorney general eric schneiderman about the suit he just filed against jpmorgan chase. he is accusing fraud. we will be right back. ♪ ger. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner.

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